Coinbase CEO sued over allegedly stealing a blockchain startup’s work

Coinbase CEO sued over allegedly stealing a blockchain startup’s work

Coinbase, a US-based cryptocurrency exchange and wallet service, has been accused of stealing the work of an early blockchain startup. The lawsuit is seeking damages over lost wages for employees who were allegedly fired to make way for Coinbase’s own hiring process.

Brian Armstrong, the CEO of Coinbase, is being sued by a blockchain startup called Centra Tech. The lawsuit alleges that Armstrong stole their work and then passed it off as his own.

Coinbase CEO sued over allegedly stealing a blockchain startup’s work

In California’s Supreme Court, blockchain accelerator MouseBelt labs has filed a case against Coinbase CEO Brian Armstrong. Armstrong is accused of fraudulently stealing the work of one of the blockchain accelerator’s projects by posing as an investor in disguise, according to the lawsuit.   

According to the complaint, Armstrong offered to invest in Knowledgr, a platform that distributes scientific publications using tokens as an incentive, in order to acquire confidential information from the site and utilize it in his own company, ResearchHub.  

A lawsuit has been filed against the CEO of Coinbase.

Armstrong, according to the lawsuit, provided financial support to Knowledgr, a firm in which MouseBelt Labs was also investing. The CEO of Coinbase has also given Knowledgr the chance to publish its coins on the platform. Armstrong, Coinbase, and connected businesses are now being accused of committing a purported fraud, as well as tampering with a contract, by the accelerator. 

Armstrong was working on a project called ResearchHub, which would use tradable tokens to distribute scholarly material, according to sources. Eventually, he became familiar with Knowledgr, a business developing a similar mechanism, and contacted the company as an investor to obtain secret information, which he later utilized to launch ResearchHub, his own venture. 

“It was Armstrong’s and the other Defendants’ intent to steal MouseBelt’s work for themselves, not only to eliminate a potential competitor but also to obtain for ResearchHub the benefits of the financial, design, and technical resources MouseBelt put into Knowledgr, thereby allowing ResearchHub to launch a successful platform based entirely or substantially on MouseBelt’s work sooner and at a lower cost,” MouseBelt claimed in its complaint.

Armstrong, according to MouseBelt, had no intention of investing in Knowledgr and instead planned to redirect the startup’s secret assets to his project in order to eliminate his competition. 

Coinbase representative Elliot Suthers issued a statement calling the MouseBelt charges “completely ridiculous.” It was also indicated in the discussion that it intends to prove its case in court. 

Posted in: Legal, Coinbase

Coinbase CEO sued over allegedly stealing a blockchain startup’s work

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The “ceo of coinbase” is the CEO of Coinbase, which is a cryptocurrency exchange. The lawsuit alleges that he stole blockchain startup’s work and used it for his own benefit.

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